- Deere & Company DE has agreed with Hitachi Ltd.'s HTHIY Hitachi Construction Machinery to end the Deere-Hitachi joint venture manufacturing and marketing agreements.
- The companies will enter into new license and supply agreements, with changes to effect on Feb. 28, 2022. The financial terms of the deal were not disclosed.
- John Deere will acquire the Deere-Hitachi joint-venture factories in Kernersville, NC; Indaiatuba, Brazil; and Langley, British Columbia, Canada.
- John Deere will continue to manufacture Deere-branded construction and forestry excavators. These locations will discontinue the production of Hitachi-branded excavators.
- John Deere's marketing arrangement for Hitachi-branded construction excavators and mining equipment in the Americas will end. Hitachi will assume distribution and support for these products.
- Price Action: DE shares are trading lower by 4.16% at $356.145 on the last check Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.